关税影响仅 1.3%？中芯国际三季度剑指 7% 增长，订单排到十月

Note: The English version is provided below.

2025年8月11日，中芯国际在2025年二季度业绩说明会上披露了其最新的财务数据和业务动态：尽管面临行业波动和外部环境的不确定性，公司依然展现出较强的韧性和增长潜力。

业绩表现：环比略有下滑，同比保持增长

二季度，中芯国际实现销售收入22.09亿美元，环比下降1.7%，主要受平均销售单价下降6.4%的影响。然而，销售晶圆数量环比增长4.3%，达到239万片（折合八英寸标准逻辑晶圆），显示出公司在出货量上的稳步提升。毛利率为20.4%，环比下降2.1个百分点，主要因生产波动性和产品组合变化导致。尽管如此，上半年整体表现依然亮眼，销售收入同比增长22.0%，毛利率同比上升7.6个百分点至21.4%。

业务亮点：汽车与模拟芯片成增长引擎

从应用分类来看，消费电子仍是收入占比最高的领域（41%），但汽车电子表现尤为突出，收入环比增长20%。公司提到，模拟芯片、图像传感器和射频芯片的需求增长显著，尤其是国内企业在手机快充、电源管理等领域的国产替代加速，为中芯国际带来了增量订单。此外，8英寸晶圆收入绝对值环比增长7%，产能利用率优于同业，显示出公司在成熟制程上的竞争力。

外部环境：关税影响有限，订单能见度高

针对市场关注的关税问题，中芯国际表示，美国收入占比为13%，若关税政策落地，对公司整体营收的影响预计仅为1.3%左右。目前，公司订单能见度较高，产能供不应求的状态预计将持续至十月份。尽管四季度是传统淡季，但中芯国际认为其客户市场份额的持续增长将抵消季节性波动的影响。

未来展望：稳中求进，聚焦战略需求

对于三季度，公司预计销售收入环比增长5%-7%，毛利率维持在18%-20%的区间。新产能的逐步投产将带来折旧压力，但高产能利用率有望抵消这一影响。在扩产策略上，中芯国际表示将保持稳定的投资节奏，而非跳跃性增长，以平衡市场需求与股东利益。

Tariff Impact Only 1.3%? SMIC Targets 7% Growth in Q3, Orders Booked Through October

On August 11, 2025,?Semiconductor Manufacturing International Corporation (SMIC) disclosed its latest financial results and business updates during its Q2 2025 earnings call. Despite industry fluctuations and external uncertainties, the company demonstrated strong resilience and growth potential.

Performance: Slight Sequential Decline but Year-on-Year Growth

In Q2, SMIC reported revenue of $2.209 billion, down 1.7% quarter-on-quarter (QoQ), primarily due to a 6.4% decline in average selling prices (ASP). However, wafer shipments increased by 4.3% QoQ to 2.39 million 8-inch equivalent wafers, reflecting steady growth in volume. Gross margin stood at 20.4%, down 2.1 percentage points sequentially, mainly due to production volatility and product mix changes. Nevertheless, the company delivered solid performance in the first half of 2025, with revenue up 22.0% year-on-year (YoY) and gross margin rising 7.6 percentage points to 21.4%.

Business Highlights: Automotive and Analog Chips Drive Growth

By application, consumer electronics remained the largest revenue contributor (41%), but automotive electronics showed particularly strong momentum, with revenue growing 20% QoQ. SMIC highlighted robust demand for analog chips, image sensors, and RF chips, especially as domestic firms accelerate localization in fast-charging, power management, and other areas, bringing incremental orders. Additionally, 8-inch wafer revenue rose 7% QoQ in absolute terms, with capacity utilization outperforming peers, underscoring SMIC’s competitiveness in mature process nodes.

External Environment: Limited Tariff Impact, High Order Visibility

Addressing market concerns about tariffs, SMIC noted that U.S.-related revenue accounts for 13% of total sales. If tariffs are implemented, the overall impact on revenue is estimated at just 1.3%. Currently, the company enjoys high order visibility, with supply shortages expected to persist through October. Although Q4 is traditionally a slow season, SMIC believes continued market share gains among its customers will offset seasonal fluctuations.

Outlook: Steady Progress, Focus on Strategic Demand

For Q3, SMIC forecasts revenue growth of 5%-7% QoQ, with gross margin maintained between 18%-20%. New capacity ramps will bring depreciation pressures, but high utilization rates are expected to mitigate the impact. Regarding expansion, SMIC emphasized a stable investment pace rather than aggressive jumps, balancing market demand and shareholder interests.